Archive for Anderson
Spartan Logistics, a third-party warehousing and logistics services provider based in Columbus, Ohio, has announced that it has acquired a 160,000 sq. ft. warehouse and related tenant business in Anderson, S.C., from Elston-Richards. The property is located at 5201 Highway 81 S in Starr, SC 29684.
Spartan Logistics has occupied one-third of the building for the past five years and needed to expand its space in Anderson. At the same time Elston-Richards sought to reinvest and focus on its operations in Michigan. After seeking alternatives for years, the two companies reached an agreement for Spartan to acquire the entire facility.
Spartan Logistics will operate the facility under assignment of the current customer contracts and will make significant investment in upgrading the property to modernize the facility and preserve its value.
Moline, Ill.-based McLaughlin Body Co. has acquired the 427,337-square-foot Santens of America facility at 5121 Old Pearman Dairy Road in Anderson for $7 million. The industrial property is situated on 93 acres and will serve as McLaughlin Body Co.’s new subsidiary location to serve their clients in the region. The company manufactures operator protection systems, including cab enclosures and metal components for construction, military, agriculture and other heavy-duty vehicles.
Charles Whitmire Jr. and Elliott Fayssoux of Cushman & Wakefield | Thalhimer represented the seller, KBC Anderson Associates, in the transaction.
NAI Earle Furman’s Multifamily Division announces the sale of Companion at Crescent Pointe, a 144-unit apartment complex in Seneca.
The Class A property, built in 2005, sold for $10,325,000. The complex was 95% occupied at the time of sale, and sold for an undisclosed CAP rate. Tony Bonitati of NAI Earle Furman represented the seller in the transaction.
The buying group was made up of investors from California, teamed with a well-regarded Regional Management Company. The property had assumable HUD financing in place. The buyers completed the HUD’s Transfer of Physical Asset (TPA) process, and plans to use the A-7 program to reduce the current interest rate.
The U.S. Army Corps of Engineers has signed off on the mammoth Sanctuary Pointe development planned for Hartwell Lake, a corps spokesman said Wednesday.
The agreement that will begin moving the project from the drawing boards to reality still requires approval by the State Budget and Control Board, expected at the board’s Dec. 12 meeting, according to spokesman Billy Birdwell of the Corps of Engineers’ Savannah office.
In a written response to an inquiry from the Independent Mail, Birdwell said that on Nov. 26, the Corps of Engineers provided a signed consent authorizing the South Carolina Department of Parks, Recreation and Tourism to further pursue a proposed sublease with Sanctuary Pointe LLC for a 325-acre site off I-85.
Sanders Moving & Storage recently purchased property in Seneca for its warehousing needs. William M. Sanders of Sanders Moving & Storage, an Anderson-based moving and storage company, purchased a 135,910-square-foot industrial property on 14 acres at 1 Jacobs Road. The building is a former machine tools/parts manufacturing plant built in phases between 1959 and 1990. The building is in good condition for its age and has been cleaned out with all machinery removed. It has 15′ ceiling heights and nine dock doors according to a Loopnet listing.
Sanders bought the property from Seneca Realty Inc. for $589,500, or $4.34 per square foot.
Cushman & Wakefield — Thalhimer, a commercial real estate firm, handled the sale negotiations on behalf of the seller.
As the aftermath of the recession unfolds, the real estate sector continues its slow rebound. Vacancy is down in the office market and up in the retail market. Large industrial space continues to be in high demand in the Upstate, according to Lee & Associates’ mid-year report.
The Upstate has 3,814 buildings, equaling about 172.7 million square feet, for the industrial warehouse market, according to Lee & Associates’ inventory. The Upstate struggles to have buildings equipped to meet manufacturer’s needs of today.
Lee & Associates’ industrial warehouse market includes Greenville, Spartanburg, Anderson, Laurens, Pickens and Cherokee counties. The region experienced 1.4 million square feet in industrial absorption in the second quarter of 2012, which is the highest since the construction boom in 2008. The industrial market’s vacancy rate is at 9.4%.
The only new building delivered to the market in the first half of 2012 was the roughly 950,000-square-foot ZF Transmissions building in Laurens County.
A two-story building at South Main and West Benson streets in downtown Anderson is about to go through a facelift, bringing a modern style to accent the early 20th-century buildings that are there now.
The building houses J Peters Grill and Bar on the first floor, and the second floor is empty.
Steve Kay, who owns the building, said Thursday that he plans to renovate the exterior, covering it from the ground to the rooftop in a wall of glass. When construction is complete, the building will be called “The Plaza,” because it overlooks the Anderson County Courthouse plaza, Kay said.
Roberts said the council should be able to move forward with the second and final reading on the bond ordinance for the project at its Aug. 22 meeting.
The $2.8 million would be spent on changing what are now an overgrown lot and an empty building on Whitner Street in downtown Anderson into an open-air pavilion, an outdoor amphitheater and park complete with an interactive waterfall.
The vacant property sits behind a wooden fence on Whitner Street across from the historic Anderson County Courthouse.
The privately owned company confirmed 10 months ago that it would build three stores in the county. One on Clemson Boulevard near the S.C. 28 Bypass is under construction now. The other two, at Interstate 85 exits 21 and 40, have not yet broken ground.
Meanwhile, the company, which owns about 560 stores across the country, has purchased property at 1701 E. Greenville St., the old location for Anderson Special Events site.
It has plans for a fifth store at 1509 Pearman Dairy Road under review with the county building and codes, said the office’s director, Barry Holcombe.
The occupancy rate for the Greenville-Spartanburg-Anderson area apartment market remained relatively unchanged over the past six months. The occupancy rate improved to 91.4%, and occupancy rates have been on an upward trend since May 2009, according to Real Data.
This trend is due in part to the lure of renting over home ownership as well as the lack of new development, said the Charlotte, N.C., based real estate research firm.
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Oconee County officials look to have a rough plan for a new combined industrial park and recreational area inside a month, with a closing on the property possible before year’s end.
Dan Estaban, with the Greenville office of the B.P. Barber civil engineering firm, told county council members Saturday that his firm needs about two more weeks of field testing on the proposed project site along S.C. 11. A conceptual plan in line with the council’s aims could follow perhaps as early as a week later.
Estaban said his firm is carrying out such tasks as topographical analysis, wetlands assessment and an archeological and cultural resource analysis of the site before issuing a final report to the county.
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Sales of homes in the Anderson area are beginning to recover, if slowly, local Realtors said.
And the median price of a home also has crept up, according to statistics from the South Carolina Realtors Multiple Listing Service.
Upstate South Carolina, including Anderson and Oconee counties, survived the precipitous drop in real estate sales and home values during the housing meltdown in 2007 and 2008, but did not escape entirely, real estate agents said.
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